Ongc To Focus On Short-Term Projects For Quick Returns
The Oil and Natural Gas Corporation Ltd (ONGC) has decided to concentrate on oilfields where an enhanced recovery programme can be implemented over a shorter period of time to meet the countrys growing demand for fuel.
Oil and Natural Gas Corporation will, thus, take up oilfield projects where the recovery level can be enhanced within a time schedule of 2-5 years.
Projects where enhanced recovery programmes will take more than 10 years to implement, will be taken up last by the corporation.
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The Oil and Natural Gas Corporation move comes in the wake of the petroleum ministrys directive that the corporation shorten the time period of its projected targets for improved oil recovery to meet burgeoning demand.
The ministrys view has been that Oil and Natural Gas Corporation, instead of concentrating on a few projects where the enhanced recovery programme can be implemented over a shorter period, was spreading its resources thinly over all the projects, some of which will start yielding results after more than 10 years.
The petroleum ministry has told the corporation that its recovery percentage was quite low compared to international standards.
The corporation was directed to chalk out a definite action plan to improve its recovery factor.
The corporation is firming up quantitative targets to increase the recovery factor from its main oilfields by indicating the recovery factor on April 1, 1997, and the enhanced recovery factor on April 1, 2002.
These figures will be provided for Bombay High, Neelam, Gandhar and Balol oilfields.
The corporation has already appointed foreign consultancy firms to help it revive the output of the Neelam oilfield and boost production at Bombay High.
While US-based Degolyer and MacNaughton will be helping the Oil and Natural Gas Corporation at Neelam, experts of United Kingdom firm Gaffney Clin Associates will be studying the data related to Bombay High and will make recommendations on how to increase the output from these offshore fields.